French Hotel Industry Performances

French Hotel Industry Performances

Latest news Consulting, valuations and transactions Owner Developer Owner Developer Sales instruction for a branded 3* hotel restaurant (c. 100 rooms, freehold) Sales instruction for an off-plan 4* hotelrestaurant (c. 200 rooms), to be delivered early 2017 Sales instruction for a 90-room hotelrestaurant with meeting rooms (freehold) Feasibility study for the development of an upscale residence and hotel Nord-Pas-de-Calais Val-d Oise Côtes-d Armor Ile de La Réunion C.U. Grand Lyon Owner Owner Owner Hotel development study for the territory Valuation of a 4* hotel (freehold), further to significant renovation works Valuation of a branded, upscale hotel-restaurant Repositioning analysis for a hotel at the foot of the ski slopes Paris 7 Yvelines Isère YOUR CONTACTS: CONSULTING AND VALUATIONS : PHILIPPE GAUGUIER, ASSOCIATE MRICS (+33 (0)6 85 93 67 50 OR philippe.gauguier@inextenso.fr) OLIVIER PETIT, ASSOCIATE (+33 (0)6 85 43 22 29 OR olivier.petit@inextenso.fr) TRANSAXIO HÔTEL : GUY BOULO, DIRECTOR (+33 (0)6 80 17 60 02 OR guy.boulo@transaxio-hotel.com) Find out more at http://www.inextenso-thr.com and http://www.transaxio.fr Publication Annual study: The French Urban Hotel Residence Market, 8th edition. Despite 2013 s gloomy economic context, national urban hotel residences achieved relatively satisfactory performances. In Extenso THR s 8th annual edition dedicated to the sector offers a comprehensive analysis of the market: Profile of supply and its development Breakdown of supply by territory Key market actors, brands and positioning Global commercial performance + focus on main markets. INFORMATION AND ORDERS: SAMUEL COUTELEAU (00 33 2 51 80 18 29 / samuel.couteleau@inextenso.fr) Agenda 2014 Monday 29 September to Thursday 2 October 2014: African Hotel Investment Forum, Addis Abeba Ethiopiea, participation of Philippe Gauguier. Tuesday 30 September 2014: Formation Business Immo Stratégie d'acquisition en hôtellerie, participation of Olivier Petit, Espace Royal Bourse 2-4, rue Rameau 75002 Paris. 2 French Hotel Industry Performances

: Improving occupancy and s results were generally good, particularly at the higher end of the scale (Midscale and Upscale). Additionally, the majority of destinations posted an increase in, driven by higher occupancy. The coast and certain cities did, however, suffer somewhat; a stark reminder of a complex and fragile market. Occupancy and growth let s not deny ourselves some pleasure: finished on an encouraging note that helped boost morale further to month after month of stagnation or decline. grew in a trend observed throughout all categories. Growth was modest for Super-budget and Budget hotels, but was more evident higher up the scale. Consequently, for Super-Budget hotels grew by just over 1%, compared to 4% for Midscale hotels and 10% or more for Upscale and Luxury hotels. This growth was essentially driven by higher occupancy, since average rates remained under pressure. These good results are even more appreciated since as emphasised by Olivier Petit, Associate, In Extenso THR the pattern is repeated pretty much throughout France. However, this does not mean everywhere, since a number of specific features and exceptions can be noted. Luxury hotels in Paris and on the Côte d Azur recorded a contrasting evolution in occupancy, but benefited from significant increases in average rates. A minority in France in terms of the volume of rooms these properties benefitted from the arrival of guests from the Middle East, who preferred to visit France in, rather than July, due to Ramadan. In terms of keys, a higher proportion of suites were sold, resulting in higher average rates. Another exception was the coastal sector. In contrast to commonly-held preconceptions, the regional hotel industry is not actually driven by seaside hotels. These properties mainly recorded a drop in trading, largely due to the bad weather during. The only exception to this was the Normandy coastal market that benefitted from the World Equestrian Games that took place there this year. Held every four years, the Games are one of the most important equestrian events on the planet, attracting participants and tourists from all over the world. Last but not least, even though the situation differed from one destination to the next, s results were generally positive for the urban hotel market. Occupancy grew, even if it was often to the detriment of average rates. Hotels in a number of large cities experienced increases in given the bad weather, tourists tended to favour city breaks. This factor helped certain cities such as Lille, Marseille or Nantes, to avoid posting sharp declines further to excellent 2013 results. Luxury Upscale Midscale Budget Super Budget OR 2014 82,6% 79,4% 71,3% 68,9% 73,0% Var. /n-1 3,0% 6,9% 3,5% 3,5% 1,9% ADR 2014 547 191 93 57 42 Var. /n-1 9,4% 2,5% 0,2% -2,6% -0,6% 2014 452 152 66 40 31 Var. /n-1 12,7% 9,5% 3,8% 0,8% 1,3% Jan. to Luxury Upscale Midscale Budget Super Budget OR 2014 65,8% 67,7% 65,0% 65,8% 65,6% Var. /n-1 0,9% 1,3% -0,7% 0,2% -1,5% ADR 2014 442 185 99 63 40 Var. /n-1 2,7% -0,3% -0,6% -2,9% -2,1% 2014 291 125 65 42 26 Var. /n-1 3,6% 1,0% -1,2% -2,7% -3,6% Definitions OR = Occupancy Rate ADR = Average Daily Rate = Revenue per available room 3 French Hotel Industry Performances

Performances Paris Paris-City OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris - Luxury 83,3% 7,3% 468 4,2% 390 11,8% Paris - Boutique Hotels 79,2% 4,2% 242-1,8% 191 2,3% Paris - Upscale 80,7% 8,3% 179 5,2% 144 13,9% Paris - Luxury & Upscale 81,0% 7,8% 238 4,5% 193 12,7% Paris - Superior midscale 84,3% 5,9% 127 1,6% 107 7,6% Paris - Standard midscale 79,7% 6,7% 91 1,5% 72 8,3% Paris - Midscale 81,6% 6,6% 106 2,6% 87 9,3% Paris - Budget 77,8% -1,2% 69 1,4% 54 0,1% Jan. to OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris - Luxury 81,5% 1,7% 464-8,6% 378-7,0% Paris - Boutique Hotels 78,5% 0,6% 275-5,2% 215-4,6% Paris - Upscale 77,9% 2,5% 195-0,1% 152 2,5% Paris - Haut de gamme & Gd luxe 78,5% 2,2% 250-4,6% 196-2,5% Paris - Superior midscale 83,7% 0,4% 153-0,5% 128-0,1% Paris - Standard midscale 79,7% 0,5% 111-0,7% 88-0,2% Paris - Midscale 81,3% 0,5% 128-0,2% 104 0,3% Paris - Budget 82,2% -0,9% 84-0,3% 69-1,2% Paris suburbs (excluding Paris) Luxury and upscale OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris 81,0% 7,8% 238 4,5% 193 12,7% La Défense 80,4% 6,8% 123 6,9% 99 14,2% Roissy CdG 72,5% 16,4% 90 1,0% 65 17,6% IDF (exc.paris and poles) 78,4% 6,0% 316 6,2% 248 12,6% Jan. to OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris 0 78,5% 2,2% 250-4,6% 196-2,5% La Défense 0 73,0% 1,3% 160-1,7% 117-0,4% Roissy CdG 0 72,9% 5,9% 105-3,7% 76 2,0% IDF (exc.paris and poles) 75,1% 2,5% 247 1,4% 185 3,9% 4 French Hotel Industry Performances

French Riviera Regions (excl. French Riviera) Performance Regions Regions Luxury Upscale Midscale Budget Super Budget OR 2014 78,2% 67,8% 67,1% 65,6% 72,9% Var. /n-1 3,0% 8,2% 1,8% 1,2% 0,9% ADR 2014 369 133 90 59 41 Var. /n-1 0,2% -4,1% -0,6% -2,1% -0,1% 2014 289 90 61 39 30 Var. /n-1 3,2% 3,7% 1,1% -0,9% 0,7% Jan. to Luxury Upscale Midscale Budget Super Budget OR 2014 58,7% 56,5% 59,0% 60,5% 63,8% Var. /n-1 2,6% 0,9% -0,8% -1,6% -2,1% ADR 2014 282 134 89 62 39 Var. /n-1-0,2% -2,6% -1,4% -2,5% -1,6% 2014 165 76 53 38 25 Var. /n-1 2,4% -1,7% -2,2% -4,1% -3,7% Luxury Upscale * Midscale Budget Super Budget OR 2014 83,8% 89,5% 93,2% n.d. 93,4% Var. /n-1-3,6% 4,3% 2,0% - 1,6% ADR 2014 750 208 125 n.d. 57 Var. /n-1 15,2% 0,4% 0,4% - -3,8% 2014 628 187 116 n.d. 53 Var. /n-1 11,0% 4,7% 2,4% - -2,2% Jan. to Luxury Upscale * Midscale Budget Super Budget OR 2014 60,4% 61,3% 67,4% n.d. 67,7% Var. /n-1-0,8% 0,9% -2,2% - -3,1% ADR 2014 480 178 110 n.d. 49 Var. /n-1 1,3% -0,9% 0,9% - -3,4% 2014 290 109 74 n.d. 33 Var. /n-1 0,5% -0,1% -1,3% - -6,4% * Upscale : = sample groups upscale boutique hotels and standard four star hotels 5 French Hotel Industry Performances

Super Budget market Budget market Midscale market Performances Suburbs Paris suburbs (excluding Paris) departments 77. 78. 91. 92. 93. 94. 95. Average suburbs OR 2014 68,0% 54,6% 64,0% 75,5% 67,3% 80,9% 67,4% 69,0% Var. /n-1 12,2% -6,9% 5,5% 5,9% 3,7% 6,2% 5,1% 4,3% ADR 2014 78 61 66 67 58 66 74 67 Var. /n-1-0,5% 1,8% 3,6% 1,2% -1,0% 3,7% -2,6% 1,1% 2014 53 33 42 51 39 53 50 46 Var. /n-1 11,6% -5,2% 9,4% 7,2% 2,6% 10,2% 2,3% 5,4% Jan. to departments 77. 78. 91. 92. 93. 94. 95. Average suburbs OR 2014 59,4% 62,7% 63,1% 72,3% 65,6% 76,6% 69,7% 68,4% Var. /n-1 9,9% -1,3% -3,5% 0,3% -3,9% -1,3% 0,9% -0,7% ADR 2014 100 94 87 102 72 83 93 93 Var. /n-1-1,3% -0,5% 0,3% -0,9% -7,0% 2,1% -2,6% -1,0% 2014 60 59 55 74 47 64 65 64 Var. /n-1 8,4% -1,8% -3,2% -0,6% -10,6% 0,8% -1,8% -1,7% departments 77. 78. 91. 92. 93. 94. 95. Average suburbs OR 2014 86,5% 59,5% 44,8% 65,7% 68,8% 71,7% 66,3% 69,1% Var. /n-1 6,3% 4,1% 3,9% 6,0% 1,5% 9,5% 13,7% 6,6% ADR 2014 67 58 48 50 42 45 41 49 Var. /n-1-1,1% 1,2% 2,7% -0,2% -4,0% -6,8% -6,3% -3,3% 2014 58 34 21 33 29 32 27 34 Var. /n-1 5,1% 5,4% 6,8% 5,8% -2,5% 2,1% 6,6% 3,1% Jan. to departments 77. 78. 91. 92. 93. 94. 95. Average suburbs OR 2014 75,2% 68,7% 61,1% 71,0% 70,7% 72,4% 71,7% 71,4% Var. /n-1 1,2% 4,9% -1,4% 4,6% -0,6% 0,7% 6,4% 2,6% ADR 2014 62 76 62 72 56 63 53 61 Var. /n-1-4,2% -2,8% -0,3% -1,3% -1,7% -4,2% -8,7% -3,9% 2014 47 52 38 51 39 46 38 44 Var. /n-1-3,0% 1,9% -1,7% 3,2% -2,3% -3,5% -2,9% -1,3% departments IDF 77. 78. 91. 92. 93. 94. 95. (hors Paris) OR 2014 71,1% 61,2% 56,1% n.d. 63,5% 61,6% 71,8% 64,3% Var. /n-1 3,1% 1,0% 8,6% - -2,8% 4,5% 7,3% 3,1% ADR 2014 44 37 36 n.d. 40 39 43 40 Var. /n-1 0,2% -5,2% -4,7% - 1,6% -5,5% 7,0% -0,8% 2014 31 22 20 n.d. 25 24 31 26 Var. /n-1 3,3% -4,3% 3,5% - -1,2% -1,3% 14,8% 2,3% Jan. to departments IDF 77. 78. 91. 92. 93. 94. 95. (hors Paris) OR 2014 71,6% 70,5% 67,0% n.d. 74,0% 73,8% 75,9% 72,5% Var. /n-1 1,9% 0,4% 0,5% - -1,2% -2,3% 3,1% 0,8% ADR 2014 42 42 39 n.d. 44 43 45 43 Var. /n-1-2,3% -0,7% -5,1% - 0,5% -1,1% -1,1% -2,4% 2014 30 29 26 n.d. 33 32 34 31 Var. /n-1-0,4% -0,3% -4,7% - -0,7% -3,4% 1,9% -1,6% 6 French Hotel Industry Performances

Performances North-East North-east & Cities Luxury Upscale OR ADR OR ADR North-east 64,5% 5,1% 119-6,9% 77-2,2% 53,5% -0,8% 127-2,3% 68-3,1% Dijon 75,8% -1,0% 121-3,2% 92-4,2% 56,8% -7,1% 125-1,5% 71-8,5% Lille 37,3% 7,7% 100-9,5% 37-2,5% 51,0% 3,8% 116-1,5% 59 2,2% Metz Nancy Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Strasburg 77,8% 8,2% 86 0,3% 67 8,5% 61,4% 2,2% 108-0,1% 67 2,1% Midscale OR ADR OR ADR North-east 61,6% 3,9% 79-2,4% 49 1,3% 55,9% -0,7% 85-1,0% 48-1,7% Dijon 69,4% -1,9% 90 2,3% 62 0,4% 59,9% -4,9% 86 0,9% 52-4,0% Lille 46,0% 4,6% 66-18,8% 30-15,0% 59,0% 1,3% 84-6,0% 50-4,8% Metz in progress in progress Nancy 57,1% 7,6% 70 6,5% 40 14,5% 56,3% 2,9% 79 1,3% 44 4,2% Reims 72,6% 11,8% 91 3,8% 66 16,0% 62,5% -0,4% 98 1,5% 61 1,1% Strasburg 73,8% 0,5% 78 3,1% 58 3,7% 63,2% 2,2% 94 1,5% 59 3,7% Budget OR ADR OR ADR North-east 65,3% 1,1% 55-1,4% 36-0,4% 63,4% -0,1% 60-1,8% 38-1,9% Dijon 79,1% 2,5% 59-0,3% 47 2,2% 73,0% 0,1% 62-1,6% 45-1,6% Lille 44,2% 1,7% 52-18,1% 23-16,7% 61,3% 0,1% 68-5,6% 41-5,4% Metz 69,4% 8,4% 51-6,6% 35 1,3% 61,0% 0,1% 61-6,3% 37-6,2% Nancy 55,3% -4,6% 50 2,8% 28-1,9% 59,0% 1,8% 60 1,9% 35 3,7% Reims 56,4% -5,3% 57-2,4% 32-7,5% 64,4% 8,5% 64-2,6% 41 5,7% Strasburg 78,7% 2,1% 53 8,1% 41 10,4% 68,9% 3,5% 64 1,4% 44 4,9% Super Budget OR ADR OR ADR North-east 68,3% 1,4% 38 0,3% 26 1,8% 62,9% -1,3% 37-1,4% 24-2,6% Dijon 71,3% -4,0% 39-1,8% 28-5,7% 68,1% -7,0% 38-2,1% 26-9,0% Lille 51,4% 4,9% 36-9,0% 18-4,5% 60,9% 1,6% 39-4,7% 24-3,2% Metz 77,1% 14,7% 36-4,4% 28 9,7% 69,5% -0,6% 36-3,9% 25-4,5% Nancy 50,6% -1,4% 40 0,5% 20-0,9% 57,3% -4,8% 38-2,4% 22-7,0% Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Strasburg 67,5% 6,1% 40-0,7% 27 5,3% 63,7% 0,2% 40-2,4% 25-2,2% Departments in the North-Eastern set : Aisne; Allier; Ardennes; Aube; Cher; Côte-d'Or; Doubs; Jura; Loiret; Marne; Haute-Marne; Meurthe-et-Moselle; Meuse; Moselle; Nièvre; Nord; Oise; Pas-de-Calais; Bas-Rhin; Haut-Rhin; Haute-Saône; Saône-et-Loire; Vosges; Yonne; Territoire-de-Belfort 7 French Hotel Industry Performances

Performances North-West North-West & Cities OR ADR OR ADR North-West 77,7% 0,2% 270 0,8% 210 1,0% 61,4% 8,8% 215 1,3% 132 10,2% Amiens Angers Le Havre Niort Nantes Rennes Rouen Luxury Upscale Midscale OR ADR OR ADR North-West 71,0% 3,7% 101 1,5% 72 5,3% 58,7% 2,3% 93 0,5% 54 2,8% Amiens n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Angers n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Le Havre 79,3% 3,4% 84 6,4% 67 10,0% 67,2% -1,0% 85 0,0% 57-0,9% Nantes 52,0% -4,2% 73-2,7% 38-6,8% 56,6% -2,7% 84-0,6% 48-3,3% Niort 64,1% -1,1% 79 4,3% 51 3,1% 58,1% -4,4% 81-0,8% 47-5,1% Rennes 52,3% 9,2% 73-2,1% 38 6,8% 56,2% 3,9% 85-4,0% 48-0,2% Rouen 62,3% -0,5% 91 5,0% 57 4,4% 60,6% -1,4% 92-2,8% 56-4,1% Niort : in development, sample subject to change Budget OR ADR OR ADR North-West 62,2% -1,7% 60 0,2% 38-1,4% 57,2% -2,6% 63-1,4% 36-4,0% Amiens n.d. - n.d. - n.d - n.d. - n.d. - n.d - Angers 52,3% -7,1% 51 1,5% 27-5,7% 57,9% -3,9% 64-0,3% 37-4,2% Le Havre 69,7% 8,4% 54-9,6% 38-2,0% 56,5% 3,6% 59-6,1% 33-2,7% Nantes 43,9% -12,9% 54-0,2% 24-13,1% 53,3% -3,1% 64-2,0% 34-5,0% Niort 63,0% 4,6% 50-14,5% 32-10,5% 56,5% 0,2% 58-2,4% 33-2,2% Rennes 61,3% 18,2% 53 1,6% 33 20,1% 62,3% 3,5% 64-0,5% 40 2,9% Rouen 62,3% 10,7% 58-3,0% 36 7,4% 60,4% 1,8% 61-5,8% 37-4,1% Niort : in development, sample subject to change Super Budget OR ADR OR ADR North-West 72,3% 1,4% 42 0,3% 30 1,7% 62,3% -2,0% 40-1,2% 25-3,1% Amiens n.d. - n.d. - n.d - n.d. - n.d. - n.d - Angers 60,5% 4,4% 37-1,7% 22 2,7% 60,8% -3,1% 39-1,1% 24-4,2% Le Havre 81,7% 0,6% 40-3,2% 33-2,7% 71,5% 1,1% 40-2,4% 28-1,3% Nantes 59,3% -2,2% 40-4,0% 24-6,1% 62,7% -3,3% 42-1,1% 27-4,4% Niort 72,3% -12,6% 38-3,9% 28-16,0% 61,2% -11,3% 37-2,2% 23-13,3% Rennes 48,1% 5,5% 38 1,9% 18 7,4% 57,1% 1,7% 40-0,3% 23 1,4% Rouen 63,8% 11,1% 43-2,6% 27 8,2% 60,4% -7,8% 44-2,3% 26-9,9% Niort : in development, sample subject to change Departments in the North-Western set : Calvados; Côtes; Eure; Eure-et-Loir; Finistère; Ille-et-Vilaine; Indre; Indre-et-Loire; Loir-et-Cher; Loire-Atlantique; Maine-et-Loire; Manche; Mayenne; Morbihan; Orne; Sarthe; Seine-Maritime; Deux-Sèvres; Somme; Vendée; Vienne 8 French Hotel Industry Performances

Performances South-East South-East (excl. French Riviera) & Cities Luxury Upscale OR ADR OR ADR South-East 76,5% 7,6% 181-6,1% 139 1,1% 60,2% 0,5% 161-4,5% 97-4,0% Aix en Provence n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Avignon 86,4% 6,9% 151 2,2% 131 9,2% 64,0% 1,0% 153-1,1% 98-0,1% Grenoble Lyon 60,2% 20,0% 123 5,0% 74 26,0% 61,1% -2,4% 125-5,8% 76-8,0% Marseille 88,2% 3,0% 138-7,9% 122-5,2% 66,5% 2,0% 143-1,0% 95 0,9% Montpellier 84,7% 20,5% 151-10,8% 128 7,4% 61,3% 9,1% 143-8,2% 88 0,2% St Etienne Midscale OR ADR OR ADR South-East 69,6% 0,0% 91-1,4% 64-1,3% 61,9% -2,1% 90-1,8% 56-3,9% Aix en Provence 77,9% 4,6% 79-3,1% 62 1,4% 62,9% -5,0% 84-1,2% 53-6,1% Avignon 90,5% 5,4% 97 3,4% 88 9,0% 70,9% 0,3% 100 1,4% 71 1,7% Grenoble 33,0% -4,0% 84 1,7% 28-2,4% 48,3% -3,0% 97-2,1% 47-5,0% Lyon 50,9% 10,2% 76 0,9% 39 11,2% 57,5% -4,6% 91-4,5% 52-8,9% Marseille 78,0% -1,5% 88-3,9% 69-5,3% 69,4% -1,5% 94-1,6% 65-3,1% Montpellier 78,6% -2,0% 88-4,8% 69-6,6% 63,4% 1,6% 85-4,6% 54-3,0% St Etienne in progress in progress Budget OR ADR OR ADR South-East 67,5% 3,6% 61-3,3% 41 0,2% 61,5% -2,0% 64-3,6% 39-5,5% Aix en Provence 77,7% 3,7% 65-3,1% 51 0,5% 65,6% 3,9% 66-5,2% 43-1,5% Avignon 75,4% 8,1% 68-1,2% 52 6,7% 63,5% -3,1% 70 0,4% 45-2,7% Grenoble 41,1% -11,5% 52-4,9% 22-15,8% 53,1% -6,9% 60-3,2% 32-9,9% Lyon 54,8% 16,3% 53-1,0% 29 15,1% 62,2% -2,0% 66-7,2% 41-9,1% Marseille 81,0% 4,7% 62-3,0% 50 1,5% 67,3% 0,8% 66-2,5% 44-1,7% Montpellier 85,4% -3,1% 70 2,0% 60-1,2% 70,6% -0,3% 70 0,0% 49-0,3% St Etienne in progress in progress Super Budget OR ADR OR ADR South-East 76,3% 0,6% 43-0,8% 33-0,2% 64,7% -3,9% 40-1,6% 26-5,5% Aix en Provence n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Avignon 73,0% -3,0% 40 4,9% 29 1,8% 68,6% -3,6% 37 0,4% 26-3,3% Grenoble 50,3% 8,0% 37-4,6% 18 3,1% 54,6% -5,5% 38-5,6% 21-10,8% Lyon 59,1% 4,9% 37-3,4% 22 1,3% 64,1% -4,4% 39-4,0% 25-8,2% Marseille 83,8% 2,2% 43-1,6% 36 0,6% 67,4% -0,4% 42-3,1% 28-3,5% Montpellier 92,4% -3,6% 45 3,3% 42-0,5% 70,8% -2,2% 38-2,2% 27-4,3% St Etienne n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Departments in the South-Eastern set : Ain; Alpes; Hautes-Alpes; Alpes-Maritimes; Ardèche; Aude; Aveyron; Bouches-du-Rhône; Cantal; Drôme; Gard; Hérault; Isère; Loire; Haute- Loire; Lozère; Puy-de-Dôme; Pyrénées-Orientales; Rhône; Savoie; Savoie; Haute-Savoie; Var; Vaucluse 9 French Hotel Industry Performances

Performances South West South-West & Cities Luxury Upscale OR ADR OR ADR South-West 67,8% 3,8% 301-4,3% 204-0,6% 56,6% 2,2% 224-3,6% 127-1,5% Bayonne-Anglet-Biarritz 86,2% -7,4% 459 0,3% 396-7,1% 58,8% -3,3% 307-2,1% 181-5,2% Bordeaux 56,8% -4,6% 201 5,5% 114 0,6% 48,5% -0,9% 201-1,7% 98-2,5% Pau n.d. - n.d. - - - n.d. - n.d. - - - Toulouse 51,3% 3,9% 101-4,7% 52-0,9% 60,0% -1,8% 123-2,7% 74-4,4% Bayonne-Anglet-Biarritz : in development, sample subject to change Midscale OR ADR OR ADR South-West 66,9% -0,2% 90-0,4% 60-0,7% 58,7% -1,7% 88-3,4% 51-5,0% Bayonne-Anglet-Biarritz n.d. - n.d. - - - n.d. - n.d. - - - Bordeaux 70,7% 3,3% 81-1,2% 57 2,1% 62,7% 3,3% 86-5,1% 54-2,0% Pau 51,2% 5,2% 77 6,6% 39 12,1% 55,8% 2,7% 80 3,2% 45 6,0% Toulouse 49,7% -2,0% 81 0,9% 40-1,1% 56,9% -3,3% 94-3,4% 54-6,6% Bayonne-Anglet-Biarritz : in development, sample subject to change Budget OR ADR OR ADR South-West 67,6% 1,0% 63-4,0% 43-3,0% 57,4% -2,7% 61-3,3% 35-5,9% Bayonne-Anglet-Biarritz 93,8% -3,1% 90-4,5% 84-7,5% 59,8% -5,3% 68-2,4% 41-7,6% Bordeaux 70,8% 8,1% 55-2,9% 39 4,9% 62,4% 2,3% 63-6,2% 39-4,1% Pau n.d. - n.d. - - - n.d. - n.d. - - - Toulouse 53,8% 8,2% 52-4,3% 28 3,6% 59,8% 0,3% 63-5,4% 38-5,1% Bayonne-Anglet-Biarritz : in development, sample subject to change Super Budget OR ADR OR ADR South-West 76,5% -1,2% 43-0,3% 33-1,4% 66,4% -0,8% 40-2,4% 26-3,2% Bayonne-Anglet-Biarritz n.d. - - - - - n.d. - n.d. - - - Bordeaux 81,0% -2,9% 38-1,3% 31-4,2% 70,3% -2,2% 37-4,1% 26-6,1% Pau 69,3% -1,8% 36-0,1% 25-2,0% 56,5% -5,3% 34 0,5% 19-4,9% Toulouse 66,9% 7,9% 37-2,5% 25 5,3% 68,1% 5,2% 38-3,4% 26 1,6% Bayonne-Anglet-Biarritz : in development, sample subject to change Departments in the South-Western set : Ariège; Charente; Charente-Maritime; Corrèze; Creuse; Dordogne; Haute-Garonne; Gers; Gironde; Landes; Lot; Lot-et-Garonne; Pyrénées- Atlantiques; Hautes-Pyrénées; Tarn; Tarn-et-Garonne; Haute-Vienne 10 French Hotel Industry Performances

Performances French Riviera French Riviera OR ADR OR ADR French Riviera - Luxury 83,8% -3,6% 750 15,2% 628 11,0% 60,4% -0,8% 480 1,3% 290 0,5% French Riviera - Boutique Hotels** 89,3% 1,6% 182-4,3% 162-2,8% 70,3% 1,4% 157-2,4% 111-1,1% French Riviera - Upscale 89,5% 4,7% 212 0,9% 189 5,6% 60,3% 0,8% 180-0,7% 109 0,0% Average Upscale & Luxury 87,6% 1,7% 378 6,9% 331 8,7% 61,0% 0,3% 276 0,3% 168 0,6% Average Midscale 93,2% 2,0% 125 0,4% 116 2,4% 67,4% -2,2% 110 0,9% 74-1,3% Average Budget n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Average Super-Budget 93,4% 1,6% 57-3,8% 53-2,2% 67,7% -3,1% 49-3,4% 33-6,4% French Riviera Cities OR ADR OR ADR Cannes - Luxury 81,3% -5,1% 780 24,2% 634 17,9% 57,9% 1,6% 486 2,9% 281 4,6% Cannes - Boutique Hotels 80,4% -10,7% 167-1,3% 134-11,9% 58,7% 0,4% 171-8,4% 101-8,0% Cannes - Upscale 87,4% 3,8% 223 2,9% 195 6,8% 54,2% 2,4% 189-1,9% 102 0,4% Cannes - Upscale & Luxury 84,1% -1,2% 499 16,3% 420 14,9% 56,2% 1,9% 350 1,4% 197 3,3% Cannes - Midscale 89,9% 1,4% 119 0,5% 107 1,9% 59,7% -0,6% 111-0,7% 66-1,3% OR ADR OR ADR Nice - Upscale & Luxury 91,7% 3,6% 248-1,8% 227 1,8% 66,8% -1,5% 202-0,4% 135-1,8% Nice - Midscale 93,5% 2,4% 125 0,7% 117 3,1% 70,8% -3,5% 109 1,7% 77-1,8% OR ADR OR ADR Monaco - Luxury 89,0% 4,8% 712 0,8% 634 5,6% 59,2% -5,9% 523 1,2% 310-4,7% Monaco - Upscale 87,8% 0,7% 381-0,3% 334 0,4% 64,5% -2,4% 277 1,8% 178-0,6% Monaco - Upscale & Luxury 88,2% 2,1% 498 0,9% 439 3,0% 62,7% -3,5% 357 1,0% 224-2,6% * Monaco set include the following cities : Monaco, Roquebrune and Cap d Ail ** Boutique Hotels: sample excludes Luxury hotels 11 French Hotel Industry Performances

Performances Coast Normandy Nord-Pas-de-Calais coast Normandy Nord-Pas-de-Calais coast OR ADR OR ADR Average Upscale & Luxury 65,4% 0,4% 279 11,4% 183 11,8% 46,6% 1,3% 211 6,5% 98 7,8% Average Midscale 85,5% 2,4% 129 0,5% 111 2,9% 64,6% 4,4% 112-0,5% 72 3,9% Average Budget 77,7% 5,7% 67-4,6% 52 0,8% 61,1% 2,3% 65-3,6% 40-1,3% Average Super-Budget 82,3% 0,9% 47 4,0% 39 4,9% 62,9% 1,1% 41-1,1% 26-0,1% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve Brittany Pays-de-la-Loire coast Brittany Pays-de-la-Loire coast OR ADR OR ADR Average Upscale & Luxury 83,9% -2,1% 290-1,5% 244-3,6% 62,3% -1,7% 229-0,2% 142-1,8% Average Midscale 84,3% -1,2% 121 3,0% 102 1,8% 59,2% 0,5% 102-0,3% 60 0,1% Average Budget 79,8% -5,0% 75 2,8% 60-2,3% 55,2% -3,5% 62-2,8% 34-6,2% Average Super-Budget 80,2% -3,8% 49-0,6% 39-4,4% 59,0% -3,6% 43-1,6% 26-5,1% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve Charente-Maritime Aquitaine coast Charente-Maritime Aquitaine coast OR ADR OR ADR Average Upscale & Luxury 86,9% -6,8% 440 0,8% 382-6,1% 59,3% -3,4% 299-1,6% 177-4,9% Average Midscale 92,8% 0,5% 146-8,8% 136-8,4% 59,3% -2,5% 112-3,5% 66-6,0% Average Budget 93,5% -2,7% 92-3,6% 86-6,2% 56,7% -4,5% 70-2,0% 40-6,5% Average Super-Budget 92,0% -3,9% 65 2,9% 60-1,2% 64,9% -3,6% 51-1,1% 33-4,7% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve 12 French Hotel Industry Performances

Performances Main cities in Regions Main cities in Regions Luxury upscale and midscale Luxury Upscale OR ADR OR ADR Avignon 86,4% 6,9% 151 2,2% 131 9,2% 64,0% 1,0% 153-1,1% 98-0,1% Bayonne-Anglet-Biarritz 86,2% -7,4% 459 0,3% 396-7,1% 58,8% -3,3% 307-2,1% 181-5,2% Bordeaux 56,8% -4,6% 201 5,5% 114 0,6% 48,5% -0,9% 201-1,7% 98-2,5% Cannes 84,1% -1,2% 499 16,3% 420 14,9% 56,2% 1,9% 350 1,4% 197 3,3% Dijon 75,8% -1,0% 121-3,2% 92-4,2% 56,8% -7,1% 125-1,5% 71-8,5% Lille 37,3% 7,7% 100-9,5% 37-2,5% 51,0% 3,8% 116-1,5% 59 2,2% Lyon 60,2% 20,0% 123 5,0% 74 26,0% 61,1% -2,4% 125-5,8% 76-8,0% Marseille 88,2% 3,0% 138-7,9% 122-5,2% 66,5% 2,0% 143-1,0% 95 0,9% Monaco 88,2% 2,1% 498 0,9% 439 3,0% 62,7% -3,5% 357 1,0% 224-2,6% Montpellier 84,7% 20,5% 151-10,8% 128 7,4% 61,3% 9,1% 143-8,2% 88 0,2% Nice 91,7% 3,6% 248-1,8% 227 1,8% 66,8% -1,5% 202-0,4% 135-1,8% Strasburg 77,8% 8,2% 86 0,3% 67 8,5% 61,4% 2,2% 108-0,1% 67 2,1% Toulouse 51,3% 3,9% 101-4,7% 52-0,9% 60,0% -1,8% 123-2,7% 74-4,4% Bayonne-Anglet-Biarritz : in development, sample subject to change Midscale OR ADR OR ADR Aix en Provence 77,9% 4,6% 79-3,1% 62 1,4% 62,9% -5,0% 84-1,2% 53-6,1% Avignon 90,5% 5,4% 97 3,4% 88 9,0% 70,9% 0,3% 100 1,4% 71 1,7% Bayonne-Anglet-Biarritz n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Bordeaux 70,7% 3,3% 81-1,2% 57 2,1% 62,7% 3,3% 86-5,1% 54-2,0% Cannes 89,9% 1,4% 119 0,5% 107 1,9% 59,7% -0,6% 111-0,7% 66-1,3% Dijon 69,4% -1,9% 90 2,3% 62 0,4% 59,9% -4,9% 86 0,9% 52-4,0% Grenoble 33,0% -4,0% 84 1,7% 28-2,4% 48,3% -3,0% 97-2,1% 47-5,0% Le Havre 79,3% 3,4% 84 6,4% 67 10,0% 67,2% -1,0% 85 0,0% 57-0,9% Lille 46,0% 4,6% 66-18,8% 30-15,0% 59,0% 1,3% 84-6,0% 50-4,8% Lyon 50,9% 10,2% 76 0,9% 39 11,2% 57,5% -4,6% 91-4,5% 52-8,9% Marseille 78,0% -1,5% 88-3,9% 69-5,3% 69,4% -1,5% 94-1,6% 65-3,1% Montpellier 78,6% -2,0% 88-4,8% 69-6,6% 63,4% 1,6% 85-4,6% 54-3,0% Nancy 57,1% 7,6% 70 6,5% 40 14,5% 56,3% 2,9% 79 1,3% 44 4,2% Nantes 52,0% -4,2% 73-2,7% 38-6,8% 56,6% -2,7% 84-0,6% 48-3,3% Niort 64,1% -1,1% 79 4,3% 51 3,1% 58,1% -4,4% 81-0,8% 47-5,1% Nice 93,5% 2,4% 125 0,7% 117 3,1% 70,8% -3,5% 109 1,7% 77-1,8% Pau 51,2% 5,2% 77 6,6% 39 12,1% 55,8% 2,7% 80 3,2% 45 6,0% Reims 72,6% 11,8% 91 3,8% 66 16,0% 62,5% -0,4% 98 1,5% 61 1,1% Rennes 52,3% 9,2% 73-2,1% 38 6,8% 56,2% 3,9% 85-4,0% 48-0,2% Rouen 62,3% -0,5% 91 5,0% 57 4,4% 60,6% -1,4% 92-2,8% 56-4,1% Strasburg 73,8% 0,5% 78 3,1% 58 3,7% 63,2% 2,2% 94 1,5% 59 3,7% Toulouse 49,7% -2,0% 81 0,9% 40-1,1% 56,9% -3,3% 94-3,4% 54-6,6% Bayonne-Anglet-Biarritz : in development, sample subject to change 13 French Hotel Industry Performances

Performances Main cities in Regions Main cities in regions Budget and Super Budget Budget OR ADR OR ADR Aix en Provence 77,7% 3,7% 65-3,1% 51 0,5% 65,6% 3,9% 66-5,2% 43-1,5% Angers 52,3% -7,1% 51 1,5% 27-5,7% 57,9% -3,9% 64-0,3% 37-4,2% Avignon 75,4% 8,1% 68-1,2% 52 6,7% 63,5% -3,1% 70 0,4% 45-2,7% Bayonne-Anglet-Biarritz 93,8% -3,1% 90-4,5% 84-7,5% 59,8% -5,3% 68-2,4% 41-7,6% Bordeaux 70,8% 8,1% 55-2,9% 39 4,9% 62,4% 2,3% 63-6,2% 39-4,1% Dijon 79,1% 2,5% 59-0,3% 47 2,2% 73,0% 0,1% 62-1,6% 45-1,6% Grenoble 41,1% -11,5% 52-4,9% 22-15,8% 53,1% -6,9% 60-3,2% 32-9,9% Le Havre 69,7% 8,4% 54-9,6% 38-2,0% 56,5% 3,6% 59-6,1% 33-2,7% Lille 44,2% 1,7% 52-18,1% 23-16,7% 61,3% 0,1% 68-5,6% 41-5,4% Lyon 54,8% 16,3% 53-1,0% 29 15,1% 62,2% -2,0% 66-7,2% 41-9,1% Marseille 81,0% 4,7% 62-3,0% 50 1,5% 67,3% 0,8% 66-2,5% 44-1,7% Metz 69,4% 8,4% 51-6,6% 35 1,3% 61,0% 0,1% 61-6,3% 37-6,2% Montpellier 85,4% -3,1% 70 2,0% 60-1,2% 70,6% -0,3% 70 0,0% 49-0,3% Nancy 55,3% -4,6% 50 2,8% 28-1,9% 59,0% 1,8% 60 1,9% 35 3,7% Nantes 43,9% -12,9% 54-0,2% 24-13,1% 53,3% -3,1% 64-2,0% 34-5,0% Niort 63,0% 4,6% 50-14,5% 32-10,5% 56,5% 0,2% 58-2,4% 33-2,2% Pau n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Reims 56,4% -5,3% 57-2,4% 32-7,5% 64,4% 8,5% 64-2,6% 41 5,7% Rennes 61,3% 18,2% 53 1,6% 33 20,1% 62,3% 3,5% 64-0,5% 40 2,9% Rouen 62,3% 10,7% 58-3,0% 36 7,4% 60,4% 1,8% 61-5,8% 37-4,1% Strasburg 78,7% 2,1% 53 8,1% 41 10,4% 68,9% 3,5% 64 1,4% 44 4,9% Toulouse 53,8% 8,2% 52-4,3% 28 3,6% 59,8% 0,3% 63-5,4% 38-5,1% Bayonne-Anglet-Biarritz : in development, sample subject to change Super Budget OR ADR OR ADR Angers 60,5% 4,4% 37-1,7% 22 2,7% 60,8% -3,1% 39-1,1% 24-4,2% Avignon 73,0% -3,0% 40 4,9% 29 1,8% 68,6% -3,6% 37 0,4% 26-3,3% Bayonne-Anglet-Biarritz n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Bordeaux 81,0% -2,9% 38-1,3% 31-4,2% 70,3% -2,2% 37-4,1% 26-6,1% Dijon 71,3% -4,0% 39-1,8% 28-5,7% 68,1% -7,0% 38-2,1% 26-9,0% Grenoble 50,3% 8,0% 37-4,6% 18 3,1% 54,6% -5,5% 38-5,6% 21-10,8% Le Havre 81,7% 0,6% 40-3,2% 33-2,7% 71,5% 1,1% 40-2,4% 28-1,3% Lille 51,4% 4,9% 36-9,0% 18-4,5% 60,9% 1,6% 39-4,7% 24-3,2% Lyon 59,1% 4,9% 37-3,4% 22 1,3% 64,1% -4,4% 39-4,0% 25-8,2% Marseille 83,8% 2,2% 43-1,6% 36 0,6% 67,4% -0,4% 42-3,1% 28-3,5% Metz 77,1% 14,7% 36-4,4% 28 9,7% 69,5% -0,6% 36-3,9% 25-4,5% Montpellier 92,4% -3,6% 45 3,3% 42-0,5% 70,8% -2,2% 38-2,2% 27-4,3% Nancy 50,6% -1,4% 40 0,5% 20-0,9% 57,3% -4,8% 38-2,4% 22-7,0% Nantes 59,3% -2,2% 40-4,0% 24-6,1% 62,7% -3,3% 42-1,1% 27-4,4% Niort 72,3% -12,6% 38-3,9% 28-16,0% 61,2% -11,3% 37-2,2% 23-13,3% Pau 69,3% -1,8% 36-0,1% 25-2,0% 56,5% -5,3% 34 0,5% 19-4,9% Rennes 48,1% 5,5% 38 1,9% 18 7,4% 57,1% 1,7% 40-0,3% 23 1,4% Rouen 63,8% 11,1% 43-2,6% 27 8,2% 60,4% -7,8% 44-2,3% 26-9,9% Strasburg 67,5% 6,1% 40-0,7% 27 5,3% 63,7% 0,2% 40-2,4% 25-2,2% Toulouse 66,9% 7,9% 37-2,5% 25 5,3% 68,1% 5,2% 38-3,4% 26 1,6% Bayonne-Anglet-Biarritz : in development, sample subject to change 14 French Hotel Industry Performances

Information Definitions Occupancy Rate (OR) : Rooms sold divided by rooms available multiplied by 100. Rooms Available : The number of rooms times the number of days in the period. Average Daily Rate (ADR) : Room revenue divided by rooms sold. Revenue per Available Room () : Room revenue divided by rooms available. ADR and are expressed in Euros, excluding VAT Categories Luxury Hotels: France s most prestigious hotels that distinguish themselves through their exceptional location, building and design, as well their outstanding product and service quality. Highly reputed, these establishments cater to a particularly discerning clientele. Upscale Hotels: Hotels operating at the higher end of the market and consequently offering a wide range of amenities. These establishments are less prestigious than Luxury Hotels and cater to a wider range of guests. Midscale Hotels: Veritable bridge between higher category and entry-level hotels, Midscale Hotels benefit from a wide range of facilities and amenities, but to a lesser extent than Upscale Hotels. Budget Hotels: Hotels that offer a restricted range of facilities and amenities. Budget hotels primarily target those guests particularly preoccupied by value for money. Super Budget Hotels: Hotels that offer a no frills approach, with a very limited range of services. Price is the key decision-factor for guests. 15 French Hotel Industry Performances

Information In Extenso member of Deloitte About Deloitte in France Deloitte & Associés is the Deloitte Touche Tohmatsu member firm in France and the professional services are delivered by Deloitte & Associés, its subsidiaries and affiliates. Deloitte calls on diversified expertise to cover the scope of services required by its clients of all sizes from all sectors - major multinationals, local micro-companies and medium-sized enterprises. Our 6,000 professionals and partners embody the vigor and success of the Firm in their commitment to clients and their constant concern for service excellence. Deloitte offers a very comprehensive range of services: audit, consulting and risk services, tax and legal, accounting and corporate finance, in accordance with its multidisciplinary strategy and ethical approach. For more information, visit www.deloitte.fr About In Extenso A member of Deloitte Touche Tohmatsu, In Extenso is an entity dedicated to small and medium-sized businesses. Almost 3 300 employees in 170 agencies in France serve 70 000 clients, including companies, firms, entrepreneurs, tradesmen and women, self-employed lawyers and doctors, associations and local authorities. Tourism, Hotels & Restaurants Desk In Extenso is one of the leading advisors in Tourism, Hospitality and Restaurant industries worldwide. We provide many consulting services for different stakeholders of the tourism industry : Market and feasibility studies Valuation of hotel and tourist assets Urban tourism development plans Human Capital Others services Detailed market study Operational recommendations to respond to the requirements of potential clients Determination of the product-service concept Determination of client target the price positioning Revenue estimations (accommodation, food and beverage, other ) Operating forecasts over several years : establishment of expense items to determine the project s profitability (GOP, cashflows A detailed market study Product analysis (strengths, weaknesses, necessary renovations and refurbishments Forecasts over several years The application of the discounted cash-flow method, completed by market references (recent and comparable transactions) and the use of the others methods, specially adapted to each case (multiple of turnover or GOP, approaches linked to the real estate market, etc). Dynamic review of existing supply Analysis of the impact of development factors (economy, transportation, tourist markets, etc.) Analysis of supply/demand situation Assessment of development ambitions and objectives Recommendations on strategy Aligning Human Resources with the strategic goals of the company Mastering operational risks in terms of HR and abiding by the regulations Incorporating the human dimension in all your reorganization and transformation processes Developing an attractive and incentive remuneration policy Hotel benchmark survey Identification of operators and investors Optimize your information systems Marketing audits Quality control Organizational audits and management support Etc. 16 French Hotel Industry Performances